Clark, NJ – September 14, 2001 – NutraBid, the premier eCommerce service provider to the Food, Pharmaceutical and Consumer Products industries has conducted several reverse auctions worth over $40 million for Corrugated, Fleet and Commodities such as sugar and salt during the third quarter of 2001. The savings to buyers ranged from 5% to 30%. The clients have included pharmaceutical manufacturers, food and nutritional manufacturers, and public sector organizations. Several top tier suppliers of these products participated in these bidding events, which extended well beyond their closing times due to last minute bidding activity by participants.
NutraBid offers web-based procurement solutions that have helped companies achieve cost and time savings for the purchase of direct and indirect materials. The company has conducted hundreds of millions of dollars worth of auctions and delivered savings to their clients in the range of 5-35% differentiating it from its competition.
NutraBid (www.nutrabid.com) was founded in 1999 to be the premier eCommerce service provider to the Food and Pharmaceutical industries, with an initial focus on nutraceuticals. NutraBid’s mission is to help these industries profitably participate in the eCommerce revolution through state-of-the-art digital infrastructure. The company is committed to lowering the procurement costs and streamlining the information flow and improve the efficiency of the entire supply chain. Privately held NutraBid, based in New Jersey, is owned by NB Ventures and backed by institutional investors.